Grammy-nominated rapper Akon will release his upcoming cryptocurrency using the Stellar blockchain.
According to a media update, Akoin's cryptocurrency ecosystem will use the Stellar network as its base. Akoin co-founder and president John Karas said the decision was made in part because of shared values between his project and Stellar.
He said;
Akoin chose Stellar's distributed hybrid blockchain because of its shared vision to create global financial inclusion, especially in areas such as Africa.
Ifin will be compatible with Stellar portfolios and interoperable with all digital assets and currencies currently supported by the Stellar network. Karas highlighted Stellar's "effective cross-value transfers" as a benefit to Akoin, and said consumers would be able to swap one currency for another immediately.
In addition, users will be able to exchange minutes for mobile phones, which have become a popular medium of exchange in certain parts of Africa, for Akoin and other currencies on the Stellar network.
According to a spokesman for the project, Akoin will not be a stable coin and instead will have a volatile price.
Akoin is not a stable coin, but we will provide access to other leading stake offerings in our ecosystem.
The project also intends to create an all-in-one cryptocurrency platform where users can "learn, earn, spend and save."
We are going to explore the blockchain technology.